A project budget is the estimated monetary resources needed to achieve the project's goals and objectives. These resources usually contain items such as labor, operating costs and costs associated with obtaining necessary materials like hardware, software, or equipment.

As discussed in our previous article, there are three major things being figured out in the project planning phase: the schedule, the budget, and the risk management plan. In this article, we will focus on the first part, the schedule, or the project plan.

In this article, we will be focusing on the second phase of a project’s life cycle, the planning phase. Planning is a crucial phase as it helps to map out the full project, understand the work needed to achieve the project goals, and coordinate efforts and timelines with other teams and stakeholders.

In our previous article, we examined the key components of the project initiation phase, which are establishing project goals, determining project scope, and defining project success criteria. In this second article of the same series, we will walk you through the project team roles and responsibilities, and some important resources and documentation for building a solid foundation for a successful project.

In our previous article, we walked you through the fundamentals of project management, where we defined the 4 main phases of a project - initiation, planning, executing, and closing. In this article, the first part of a small series, we will focus on the initiation phase, as a good beginning is half the battle, isn’t it?

We will dive deeper into the 5 most used project management methods to help you choose one that best suits your organization, and your projects.

A project management methodology is a set of guiding principles and processes for navigating a project through its life cycle. It helps guide an organization in managing its projects to ensure their optimum performance.

Project Management can seem like a daunting discipline as it’s such a broad subject with so many different approaches. But once you get a grasp of the fundamentals, and combine that with some real life experience (trust me, arranging a birthday party is a real life example of managing a project), you’ll be on your way to leading successful projects.

Innovation means using new technology and using new ways of thinking to add value to an existing idea or product and to make substantial changes in society.

“The best way to foresee the future is to create it”, which is the best explanation of the importance of innovation. In this article, we will track back to innovation itself, in order to answer why we need innovation and its importance. At a macro level, we will examine what innovation brings to our society. And at a micro level, what does it bring to organizations.

Being able to come up with a brilliant idea does not mean that you can implement it properly, effectively promote the operation of the product, nor find customers who are willing to pay for it. Without a robust management system, the gap between ideas and profitable products is insurmountable. Having a wonderful idea does not mean that you can land it successful.

However, having a defined process to take ideas and put them into action would help to ease the pain. Here we summarize the 10 steps from idea collection to growth and profits. We believe it can help guide you through the process.

Innovation is too important to ignore, and too important to fail. If managed improperly, an organization may lose its competitiveness in the market, or worse, be eliminated by its competitors. Innovation is also a complicated subject that involves a lot of resources, people, and need to be managed properly to achieve its ultimately goal - to push the release of new product, process, business flow to an existing or a new market.

In the previous articles, we have examined the fundamentals of innovation management, how to measure innovation and get the most of it. In this article - the last article of the same series, we will go through the benefits an organization can get from properly managing innovation, which fundamentally answers the question of why innovation management is so important for organizations and why it is an absolute need.

In the previous articles of the same series, we have gone through the fundamentals of innovation management, where we learnt its definition, key aspects, approaches, and common models. In this one, we will discuss more on the key innovation metrics to measure and how to get the most of it.

In the last blog post of the same series, we went through the definition of innovation management, the key aspects of it, and its methodologies and approaches. In this following series, before going through the common models of innovation management, let us take a look at what successful innovation management actually look like. 

Innovation has been a top priority for the majority of leaders, both at company level and government level. However, deciding which approach will deliver the best ROI in innovation endeavor is not always easy. That is where innovation management comes into play. It takes innovation from a creative-thinking exclusive activity to a logically managed and measurable process. It leverages the collective intelligence of all to identify, curate, and implement the best ideas.